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State-owned energy colossus Saudi Aramco has struck a deal to buy Royal Dutch Shell’s stake in an oil refinery joint venture on the Persian Gulf for $631m (£485m).

The sale of Anglo-Dutch company’s 50pc stake in the Saudi Aramco Shell Saudi Arabia Refining (SASREF) joint venture is expected to complete later this year.

Shell has been involved in the Jubail Industrial City-based joint venture for the past four decades. Its exit is part of the FTSE 100 company’s wider strategy to simplify its business and focus on a smaller number of trading hubs.

The company has offloaded more than $30bn of assets in recent years as it shifts focus towards lower carbon markets such as natural gas and petrochemicals....